Jurisdictional Issues
|
|
- Baldwin Porter
- 5 years ago
- Views:
Transcription
1 Jurisdictional Issues Trusts are generally subject to the jurisdiction where the grantor is domiciled at the time the trust is created. Other states that may have jurisdiction over the trust include: Where the trustee is located Where the trust assets are held The jurisdiction in which real estate sits always holds jurisdiction over the real estate and any trust that holds it. This may even be true where the trust s choice of law provision dictates an alternative state. Attorneys must be careful not to give legal advice about the other state s laws when drafting a trust that will be governed by another state. (where the attorney isn t licensed in the other state)
2 Capital Gains Issues in Real Estate Especially important for real estate because people tend to hold real estate for long periods of time and real estate generally tends to appreciate significantly in the long term. Capital gains in real estate transactions are typically long term capital gains. Taxed at a lower rate than short term gains If a client dies while owning appreciated real estate, the step up in cost basis can save capital gains tax when the property is later sold. Generally, if it s in the taxable estate of the grantor, you get the step up Slightly different rules for decedents dying in 2011 or 2012
3 The Section 121 Exemption Section 121 allows an exemption from capital gains tax for residential real estate sold for a capital gain: Up to $250,000 for an individual Up to $500,000 for a married couple holding the land To qualify for the exemption, the owners must: Have lived in the home as a principal residence for at least two of the previous five years; and Own the residence at the time of the sale. If you ve lived in the house for less than two years but moved for certain purposes such as work, you may be able to get a partial exemption.
4 How to Keep the 121 Exemption If you transfer a house to a trust, you no longer own it for the purposes of the 121 exemption. Therefore, transferring the house to a trust can cause the client to lose the 121 exemption if the house is sold. The good news: Section 121 is an income tax rule; so if the house is considered the client s for income tax purposes, it s eligible for the section 121 exemption. So, if the trust is a grantor trust for income tax purposes, the property in the trust should be eligible for the section 121 exemption Therefore, most trusts that hold residential estate should be grantor trusts.
5 Medicaid: Available Resources If a person owns real estate that he or she does not live in, that real estate is considered an available resource! A person s residence is not considered an available resource Up to $500,000 in equity ($750,000 in some states) Equity beyond that IS an available resource To get this protection one of the following has to live in the house: The applicant The applicant s spouse Minor or adult disabled child of the applicant Sibling of the applicant with an equity interest in the home and who has been living in the home for at least a year prior to the applicant s admission to a nursing home
6 Medicaid Lien on Residence Even when nobody lives in the house, Medicaid will not make the applicant sell a residence that he or she intends to return to. However, in this case and others where the residence is exempt, Medicaid may put a lien on the property. And it will foreclose on the house or collect its reimbursement from the house after the death of the applicant. Therefore, transferring the house to prevent the eventual lien makes sense even when you re dealing with a primary residence. However, this gift does cause the 5 year period of ineligibility. If there is a need within 5 years, the transaction can be undone to remove the period of ineligibility, though this reinstates the lien problem, of course.
7 Caregiver Child Exemption A transfer does not cause the five year period of ineligibility if: It was the applicant s primary residence The child lived in the residence The child cared for the parent in the residence However, this can lose benefits of home ownership including: Section 121 exemption Step up in cost basis Property tax benefits
8 Property Tax Exemptions Many states give property tax breaks for people who live in their own home. Often, this requires either that the person have the right to live in the home or the right to all beneficial enjoyment. Make sure to know the rules of your state! So, if you prepare a property trust for someone, the trust can give the person the rights to the residence necessary to keep the property tax breaks in that state. You always want to try to do this without giving the client rights that would be considered available resources for Medicaid purposes. Example: You probably don t want to give the client an income interest.
9 Qualified Personal Residence Trust This is a way to give away a personal residence in a manner that: Allows the client to keep living in the house; but Allows the house to be removed from the taxable estate of the client Normally, if you re keeping a life interest in the property, it s in your estate; a QPRT is a way to make sure that you can live there and remove it from the taxable estate The grantor gifts the house to the QPRT and retains the right to live there for a certain number of years. The value of the gift is subject to gift tax The QPRT must have a term that the grantor must survive for the QPRT to be effective in removing the house from the estate of the grantor.
10 QPRT - Requirements 1) The trust must be established for a specific term 2) All income generated by the trust must be distributed to the Grantor during the term of the trust 3) No person other than the Grantor, spouse and dependents may reside there rent-free or get a benefit from the trust 4) The Grantor may not be allowed to re-acquire the residence by purchasing it from the trust After the term is over, the grantor must pay market value rent to the QPRT for as long as he or she resides in the residence This can be another way to reduce the client s taxable estate
SPECIAL REPORT. Vacation Area Homes: Tax and Management Issues. CASE STUDY 1 Vacation Home no estate plan
Littman Krooks LLP SPECIAL REPORT Vacation Area Homes: Tax and Management Issues CASE STUDY 1 Vacation Home no estate plan Harry and Sally own a vacation home on a barrier island. They purchased the home
More informationFINANCING LONG TERM CARE: PROTECTING THE HOME
FINANCING LONG TERM CARE: PROTECTING THE HOME Prepared by Emily S. Starr The Law Office of Ciota, Starr & Vander Linden LLP 625 Main Street Seven State Street Fitchburg, MA 01420 Worcester, MA 01609 (978)
More informationEstate Planning in 2012
ESTATE PLANNING IN 2012 Overview and Goals of Estate Planning in 2012 Generally, there are three basic goals of estate, generation skipping transfer, and gift tax planning: (1) the reduction of estate
More informationHERMENZE & MARCANTONIO LLC ADVANCED ESTATE PLANNING TECHNIQUES
HERMENZE & MARCANTONIO LLC ADVANCED ESTATE PLANNING TECHNIQUES - 2019 I. Overview of federal, Connecticut, and New York estate and gift taxes. A. Federal 1. 40% tax rate. 2. Unlimited estate and gift tax
More informationEstate Planning Basics
Estate Planning Basics PRESENTED BY Brian S. Feldman Attorney at Law WICZER SHELDON & JACOBS, LLC 500 Skokie Boulevard, # 325 Northbrook, IL 60062 ( 8 4 7 ) 8 4 9-4 8 5 0 www.wsjlaw.com What is an estate
More informationQUALIFIED PERSONAL RESIDENCE TRUST ( QPRT ) General Planning Memorandum
QUALIFIED PERSONAL RESIDENCE TRUST ( QPRT ) General Planning Memorandum What is a QPRT? A qualified personal residence trust ( QPRT ) is a technique which allows the owner of a personal residence to give
More informationthe guide to Special Needs Planning Planner/Attorney Name Name Firm Name Firm Name
the guide to Special Needs Planning Planner/Attorney Name Name Firm Name Firm Name The Guide to Special Needs Planning Planning for Your Child with Special Needs The best interest of all family members
More informationPlanning for Special Needs and Ohio s STABLE Account. Presented by Logan Philipps, Esq.
Planning for Special Needs and Ohio s STABLE Account Presented by Logan Philipps, Esq. Concerns for Families Everything will be fine as long as my child dies before I do. Will my typical child have to
More informationEstate P LANNER. the. Roll with it Keep wealth in the family using rolling GRATs
the Estate P LANNER May/June 2006 Roll with it Keep wealth in the family using rolling GRATs Administrative checklist for after a family member passes away Tips for tax-wise charitable giving Too much
More informationQUESTIONS AND ANSWERS ON THE COPES PROGRAM
QUESTIONS AND ANSWERS ON THE COPES PROGRAM COLUMBIA LEGAL SERVICES JANUARY 2008 THIS PAMPHLET IS ACCURATE AS OF ITS DATE OF REVISION. THE RULES CHANGE FREQUENTLY. 1. What is COPES? COPES is a program that
More informationEstate Planning Traps and Mistakes for Real Estate Investors
Estate Planning Traps and Mistakes for Real Estate Investors Presented by: Earl H. Cohen, Attorney at Law Hellmuth & Johnson, PLLC ecohen@hjlawfirm.com 952 460 9242 What We Will Be Discussing: Comparing
More informationthe guide to Special Needs Planning Colin Meeks, CFP MarylandFinancialAdvocates.com
the guide to Special Needs Planning Colin Meeks, CFP MarylandFinancialAdvocates.com 410-663-0700 The Guide to Special Needs Planning Planning for Your Child with Special Needs 2014 Academy of Special Needs
More informationIncome Shifting and its Benefits
Income Shifting and its Benefits Income shifting means causing an income stream to inure to the benefit of a different person in a lower tax bracket, typically a child or other close relatives of the taxpayer.
More informationIRREVOCABLE LIFE INSURANCE TRUSTS FOR ESTATE AND TAX PLANNING (Estate Planning Advisory No. 1)
IRREVOCABLE LIFE INSURANCE TRUSTS FOR ESTATE AND TAX PLANNING (Estate Planning Advisory No. 1) This Advisory discusses the general estate planning and asset protection benefits of an irrevocable life insurance
More informationCLIENT ALERT - ESTATE, GIFT AND GENERATION-SKIPPING TRANSFER TAX
CLIENT ALERT - ESTATE, GIFT AND GENERATION-SKIPPING TRANSFER TAX January 2013 JANUARY 2013 CLIENT ALERT - ESTATE, GIFT AND GENERATION-SKIPPING TRANSFER TAX Dear Clients and Friends: On January 2, 2013,
More informationPaying for Long-Term Care: An Overview of Medical Assistance. Prepared by the Elder Law Team at:
Paying for Long-Term Care: An Overview of Medical Assistance Prepared by the Elder Law Team at: July 2018 THE NUMBERS REFERENCED IN THIS BOOKLET CHANGE IN JANUARY AND JULY OF EACH YEAR. WE RECOMMEND YOU
More informationPreserving and Transferring IRA Assets
AUGUST 2016 Preserving and Transferring IRA Assets SUMMARY The focus on retirement accounts is shifting. Yes, it s still important to make regular contributions to take advantage of tax-deferred growth
More informationRevocable Trust Vs. Irrevocable Trust
I am not an attorney but here to help you undertand what things are... Speak to An Asset protection Attorney and find the best solution for you... Revocable Trust Vs. Irrevocable Trust Trusts are relatively
More informationTraps to Avoid in Lifetime Giving Program
October 2012 Background There are many ways to transfer property during an individual s lifetime in a manner designed to avoid or minimize federal estate and gift tax. However, many of these opportunities
More informationHow can I or my family member qualify for an ABLE account?
ABLE Fact Sheet Top ABLE Account Questions How can I or my family member qualify for an ABLE account? First, the individual s disability must have occurred before age 26. Second, the individual must essentially
More informationCHANGES IN ESTATE, GIFT & GENERATION SKIPPING TRANSFER TAX RULES
CHANGES IN ESTATE, GIFT & GENERATION SKIPPING TRANSFER TAX RULES Current Rules By: Christine J. Sylvester, Attorney at Law 2720 E. WT Harris Blvd., Suite 100 Charlotte, North Carolina 28213 (704) 597-7337
More informationFINANCIAL DECISION MAKING
The Elder Plan Strategies & Documents Our Experience is Your Protection Long Island s Signature Elder Law, Special Needs & Estate Planning Law Firm January 2017 FINANCIAL DECISION MAKING Every individual
More informationBeth Polner Abrahams, Esq.
Beth Polner Abrahams, Esq. Medicaid Asset Protection Trust (The Irrevocable Income Only Trust) NYSBA Intermediate Elder Law Update 12/2/14 Medicaid Asset Protection: Irrevocable Income Only Trust Irrevocable
More informationA Guide to Estate Planning
BOSTON CONNECTICUT FLORIDA NEW JERSEY NEW YORK WASHINGTON, DC www.daypitney.com A Guide to Estate Planning THE IMPORTANCE OF ESTATE PLANNING The goal of estate planning is to direct the transfer and management
More informationGeneral Advantages of Giving
Gift Planning Strategies in Light of the $5 Million Exclusion Carol A. Cantrell Houston, TX A Firm on the Leading Edge of Client Service General Advantages of Giving Gifts exclude future appreciation from
More informationHOW TO SPEND DOWN YOUR ASSETS TO QUALIFY FOR MEDICAID
HOW TO SPEND DOWN YOUR ASSETS TO QUALIFY FOR MEDICAID IN ARKANSAS Medicaid is a needs-based government program, which means your assets must be below a certain limit in order to be eligible for benefits
More informationMEDICAID PLANNING. The facts... Assets in a revocable living trust are not protected and must be used to pay for the costs of long-term care.
MEDICAID PLANNING Assets in a revocable living trust are not protected and must be used to pay for the costs of long-term care. If you are married, your home is exempt and cannot be taken when applying
More informationEstate Planning Client Guide
CLIENT GUIDE Advanced Markets Estate Planning Client Guide LIFE-5711 6/17 TABLE OF CONTENTS Why Create an Estate Plan?... 1 Basic Estate Planning Tools... 2 Funding an Irrevocable Life Insurance Trust
More informationPreserving and Transferring IRA Assets
Preserving and Transferring IRA Assets september 2017 The focus on retirement accounts is shifting. Yes, it s still important to make regular contributions to take advantage of tax-deferred growth potential,
More informationEstate Planning. Insight on. Adapting to the times Estate planning focus shifts to income taxes. International estate planning 101
Insight on Estate Planning June/July 2014 Adapting to the times Estate planning focus shifts to income taxes International estate planning 101 When is the optimal time to begin receiving Social Security?
More informationSupplemental Needs Trusts & Related Estate Planning
Supplemental Needs Trusts & Related Estate Planning Presentation for Hydrocephalus Association 12 th National Conference 440 Milwaukee Ave., Suite 200, Lincolnshire, Illinois 60069 PHONE (847) 793-2484
More informationFUNDAMENTALS OF ESTATE TAX AND GIFT TAX
FUNDAMENTALS OF ESTATE TAX AND GIFT TAX Stanley L. Ruby, Esq. Schwartz, Manes & Ruby 2900 Carew Tower 441 Vine Street Cincinnati, Ohio 45202-3090 FUNDAMENTALS OF ESTATE TAX AND GIFT TAX STANLEY L. RUBY,
More informationTEXAS TRUST BASICS Once you have a basic understanding of trusts, you may find that a trust would make an excellent addition to your own estate plan.
TEXAS TRUST BASICS Once you have a basic understanding of trusts, you may find that a trust would make an excellent addition to your own estate plan. STEPHEN A MENDEL Houston Texas Estate Planning Attorney
More informationFederal Estate and Gift Tax and Use of Applicable Exclusion Amount 3. Pennsylvania Inheritance Tax 5. Gifting Techniques 6
Prepared by Howard Vigderman Last Updated August 8, 2016 Federal Estate and Gift Taxes, Pennsylvania Inheritances Taxes and Measures to Reduce Them 2 Even with the federal estate tax exemption at an historically
More informationSpecial Needs Planning
LAW OFFICES OF (RTE 28), SUITE 101 CENTERVILLE, MASSACHUSETTS 02632-3021 Visit our website: www.boydandboydpc.com F. KEATS BOYD, JR. Tel. (508) 775-7800 F. KEATS BOYD, III Fax. (508) 775-5666 Special Needs
More informationSale to a Grantor Trust (SAGT)
Sale to a Grantor Trust (SAGT) Advanced Markets Client Guide An innovative estate planning tool John Hancock Life Insurance Company (U.S.A.) (John Hancock) John Hancock Life Insurance Company of New York
More informationPreserving and Transferring IRA Assets
january 2014 Preserving and Transferring IRA Assets Summary The focus on retirement accounts is shifting. Yes, it s still important to make regular contributions to take advantage of tax-deferred growth
More informationESTATE PLANNING FOR PARENTS OF DISABLED CHILDREN
ESTATE PLANNING FOR PARENTS OF DISABLED CHILDREN Fendrick & Morgan, LLC 1307 White Horse Rd., Bldg B, Ste 200 Voorhees, NJ 08043 (856) 489-8388 www.fendrickmorganlaw.com Estate planning and lifetime financial
More informationUse of the Personal Residence Exclusion In Medicaid Planning
Attorney Timothy P. Crawford, CPA, CELA*, CAP** wanted to share this information with you. Use of the Personal Residence Exclusion In Medicaid Planning GREATER MILWAUKEE AREA OFFICES IN BROOKFIELD, GLENDALE,
More informationThe. Estate Planner. Is now a good time for a QPRT? Trust your trustee
The Estate Planner November/December 2009 Is now a good time for a QPRT? Transferring the family business Using a CLAT can benefit charity and your family Trust your trustee Choosing a trustee who will
More informationPROTECTING the Homefront PROTECTING. the Homefront
PROTECTING Many older individuals worry that their homes may be at risk if they need nursing home care. For many families the home is the largest and most valuable asset that they own. In addition, there
More informationQUESTIONS AND ANSWERS ON THE COPES PROGRAM
QUESTIONS AND ANSWERS ON THE COPES PROGRAM COLUMBIA LEGAL SERVICES OCTOBER 2017 THIS PAMPHLET IS ACCURATE AS OF ITS DATE OF REVISION. THE RULES CHANGE FREQUENTLY. 1. What is COPES? COPES is a Home and
More informationEstate Planning under the New Tax Law
Tax, Benefits, and Private Client JANUARY 2018 NO. 1 Estate Planning under the New Tax Law This client alert is part of a special series on the Tax Cuts and Jobs Act and related changes to the tax code,
More informationBeat the estate tax blow: with deferred annuities and an irrevocable trust
Beat the estate tax blow: with deferred annuities and an irrevocable trust JAN 01, 2012 BY The hinge around which estate planning revolves is gifting. The future growth in value of the asset from the date
More informationLink Between Gift and Estate Taxes
Link Between Gift and Estate Taxes Each is necessary to enforce the other The taxes are assessed at essentially the same rates Though, the gift tax is measured exclusively while the estate tax is measured
More informationFinancial and Estate Planning Questions and Answers
Financial and Estate Planning Questions and Answers Click on a question below to jump directly to the answer, or scroll through all of the questions and answers submitted.* 1. What is estate planning?
More informationPresented by: Christine Brown Murphy, Esquire. Zacharia & Brown P.C. Elder Law Attorneys Offices in McMurray, McKeesport and Greensburg
Presented by: Christine Brown Murphy, Esquire. Zacharia & Brown P.C. Elder Law Attorneys 724-942-6200 Offices in McMurray, McKeesport and Greensburg DISCLAIMER NOTHING YOU HEAR IN THIS PRESENTATION CONSTITUTES
More informationIntroduction to Estate and Gift Taxes
Department of the Treasury Internal Revenue Service Publication 950 (Rev. June 1998) Cat. No. 14447X Introduction to Estate and Gift Taxes Introduction If you give someone money or property during your
More informationSpecial Needs Beneficiaries
CLIENT GUIDE Advanced Markets Special Needs Beneficiaries Planning For Your Loved Ones John Hancock Life Insurance Company (U.S.A.) (John Hancock) John Hancock Life Insurance Company of New York (John
More informationSpecial Needs Beneficiaries
UNderwriterservice 412-281-0600 www.ubsnet.com ubs@ubsnet.com CLIENT GUIDE Special Needs Beneficiaries Planning For Your Loved Ones John Hancock Life Insurance Company (U.S.A.) (John Hancock) John Hancock
More informationWhat is the status of Social Security? When should you draw benefits? How a Job Impacts Benefits... 8
TABLE OF CONTENTS Executive Summary... 2 What is the status of Social Security?... 3 When should you draw benefits?... 4 How do spousal benefits work? Plan for Surviving Spouse... 5 File and Suspend...
More informationIntroduction to Estate and Gift Taxes
Department of the Treasury Internal Revenue Service Publication 950 (Rev. August 2007) Cat. No. 14447X Introduction to Estate and Gift Taxes Get forms and other information faster and easier by: Internet
More informationLeveraging wealth transfer using a sale to a defective grantor trust
Sale to a Grantor Trust Strategy Leveraging wealth transfer using a sale to a defective grantor trust Not a bank or credit union deposit, obligation or guarantee May lose value Not FDIC or NCUA/NCUSIF
More informationMedicaid 101. Medicaid 101. Medicare or Medicaid what s the difference
Medicaid 101 Medicaid 101 Medicaid is available only to certain low-income individuals and families who fit into an eligibility group that is recognized by federal and state law. Medicaid does not pay
More informationTHE 2017 OHIO MEDICAID MANUAL TABLE OF CONTENTS
TABLE OF CONTENTS CHAPTER 1 CHAPTER 2 CHAPTER 3 CHAPTER 4 CHAPTER 5 CHAPTER 6 CHAPTER 7 CHAPTER 8 CHAPTER 9 CHAPTER 10 CHAPTER 11 CHAPTER 12 CHAPTER 13 CHAPTER 14 CHAPTER 15 CHAPTER 16 CHAPTER 17 CHAPTER
More information6/21/17. Life Advantages, LLC
Life Advantages, LLC Attorneys John F. Kearns III & Rebecca A. Hajosy Kearns & Kearns PC 1121 New Britain Ave West Hartford, CT 06110 (860) 233-1281 www.kearnsandkearns.com Kearns & Kearns PC helps our
More informationSPECIAL NEEDS PLANNING WORKSHEET
SPECIAL NEEDS PLANNING WORKSHEET Robert E. Turner Estate and Trust Planning CONTACT PERSON Full Name Street City State Zip Home No. Business No. E-mail Fax No. Relationship to special needs person PERSONAL
More informationTax Impact. How to claim research payroll tax credits. Restricted stock: Should you pay tax now or later?
Tax Impact November/December 2017 How to claim research payroll tax credits Restricted stock: Should you pay tax now or later? To file or not to file What you need to know about filing gift and estate
More informationSpousal Lifetime Access Trust. Transferring wealth and retaining spousal access. Core Stories for Life. learn more about MetLife s
17.75 in. LIFE INSURANCE Equity Advantage Variable Universal Life is offered by prospectus only, which is available from your registered representative. You should carefully consider the product s features,
More informationBECOME THE KEY TO YOUR CLIENTS WEALTH PRESERVATION
COVER STORY BECOME THE KEY TO YOUR CLIENTS WEALTH PRESERVATION HOW TO USE LPL S HELP TO LEAVE NO OPPORTUNITY BEHIND PLAN 32 LPL Magazine Winter 2016 Only 18% of affluent investors are receiving estate
More informationFarm Succession Planning:
Farm Succession Planning: Where do I Start? Gary A. Hachfeld U of MN Extension Educator MnSCU Ag Symposium February 25, 2013 North Mankato, MN. Why is this an Issue? Increased asset values! Lack of planning:
More informationHERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR SINGLE, DIVORCED, AND WIDOWED PEOPLE (New York)
HERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR SINGLE, DIVORCED, AND WIDOWED PEOPLE - 2018 (New York) I. Purposes of Estate Planning. A. Providing for the distribution and management of your assets
More informationDENVER ELDERLY OR DISABLED REFUND PROGRAM INSTRUCTIONS 2017 TAX YEAR
DENVER ELDERLY OR DISABLED REFUND PROGRAM INSTRUCTIONS 2017 TAX YEAR Dear Applicant, Enclosed is your application for the DENVER ELDERLY OR DISABLED REFUND PROGRAM from Denver Human Services (DHS). This
More informationCertified Medicaid Planner Course - Strategic Marketing Partners, LLC SESSION 10 TRUSTS
Certified Medicaid Planner Course - Strategic Marketing Partners, LLC SESSION 10 TRUSTS 1 Trust History Trusts historically for the very wealthy. Expensive to create and maintain. Personal computer age
More informationIncome Tax Planning Concepts in Estate Planning South Avenue Staten Island, NY From: Louis Lepore TABLE OF CONTENTS
THE PLANNER THE JULY 2011 EDITION Volume 6, Issue 7 A monthly newsletter for Accounting, and Financial Professionals with a focusing on Estate Planning, Elder Law, and Special Needs Persons. The Planner
More informationIssues INSIGHTS AND. Wealth Transfer Strategies for Rising Interest Rates
Issues AND INSIGHTS May 2018 Wealth Transfer Strategies for Rising Interest Rates IN THIS ARTICLE Interest rates are a key component of wealth transfer strategies, and any changes in the rates will affect
More informationYear 2000 Issue: Estate Tax Repeal or Reduction
Year 2000 Issue: Estate Tax Repeal or Reduction For many years, Hoffman, Sabban & Watenmaker has provided to its clients and friends an update regarding important changes in the law which occurred in the
More informationSpousal Lifetime Access Trust (SLAT)
Spousal Lifetime Access Trust (SLAT) Concept A Spousal Lifetime Access Trust (SLAT) is an irrevocable trust that can own permanent life insurance and/or other assets. A SLAT permits the non-insured spouse
More information2) An estate represents a deceased person's assets after all debts are paid. Answer: TRUE Diff: 1 Question Status: Previous edition
Personal Finance, 6e (Madura) Chapter 20 Estate Planning 20.1 Purpose of a Will 1) Two key goals of estate planning are to ensure that your estate passes to the proper beneficiaries and to ensure that
More informationDelaware Tax Institute Income Tax Planning With Trusts After Tax Reform
Delaware Tax Institute Income Tax Planning With Trusts After Tax Reform December 7, 2018 By: Daniel F. Hayward, Esq. Effects of Tax Reform Tax reform resulted in a dramatic increase in the size of the
More informationALEXANDER LAW OFFICES, S. C.
ALEXANDER LAW OFFICES, S. C. ATTORNEY AT LAW Robert G. Alexander 933 N. Mayfair Road, Ste. 301 bob@alexander-klemmer.com Milwaukee, Wisconsin 53226 (414) 476-5020/(888) 476-8058 Fax: (414) 476-5089 TITLE
More informationEstate Planning, Medi-Cal, Advance Directives & Special Needs Trusts
Estate Planning, Medi-Cal, Advance Directives & Special Needs Trusts B R U C E A. F E D E R, E S Q. K A T O, F E D E R & S U Z U K I, L L P 6 8 5 M A R K E T S T R E E T, S U I T E 5 4 0 S A N F R A N
More informationIt s All About the Business
It s All About the Business Planning Strategies Integrated with Life Insurance to Help a Business Owner Accomplish Goals for Retirement, Business Perpetuation, Successful Business Transition, and Estate
More informationOptions for Funding. Long-Term Care. Expenses
Options for Funding Long-Term Care Expenses Although it is difficult to predict one s future health needs, everyone should plan for needing long-term care. An estimated 70% of people reaching age 65 today
More informationWhat is a trust?
What is a trust? 02 Trusts have been used by families for centuries. A trust is a mechanism whereby one person (the settlor ) may give away the enjoyment of assets to a group of individuals (the beneficiaries
More informationPLANNING WITH CONFIDENCE. Simplified Trust Solutions
PLANNING WITH CONFIDENCE Simplified Trust Solutions Named the largest of America s Most AdvisorFriendly Trust Companies by The Trust Advisor magazine,* we are dedicated to serving families and individual
More informationGIFTING. I. The Basic Tax Rules of Making Lifetime Gifts[1] A Private Clients Group White Paper
GIFTING A Private Clients Group White Paper Among the goals of most comprehensive estate plans is the reduction of federal and state inheritance taxes. For this reason, a carefully prepared Will or Revocable
More informationESTATE PLANNING 1 / 11
2 STARTING A BUSINES RETIREMENT STRATEGIE OPERATING A BUSINES MARRIAG INVESTING TAX SMAR ESTATE PLANNIN 3 What happens to my money and assets after I die? No matter what your age or income, you need to
More informationYour guide to our Bare Loan Trust
For customers Bare Loan Trust Your guide to our Bare Loan Trust In our Place your trust with us an introduction guide we gave you an overview of why you d want a trust and introduced bare trusts. Bare
More informationLearn about your Social Security benefits. Investor education
Learn about your Social Security benefits Investor education The role Social Security plays in your retirement Whether you re approaching retirement or you ve already retired, you and your financial advisor
More informationWealth Planning Newsletter
Issue In This Issue Charitable Giving Made Easy Don t Leave Them in the Dark Social Security: Understanding Spousal Benefits Original Medicare vs. Medicare Advantage Is an Irrevocable Trust Really Irrevocable?
More informationLEGAL AND FINANCIAL PLANNING FOR AGING IN PLACE. Robert M. Freedman, Esq. Schiff Hardin LLP. NRMLA 2018 Eastern Regional Meeting
LEGAL AND FINANCIAL PLANNING FOR Robert M. Freedman, Esq. Schiff Hardin LLP AGING IN PLACE LEGAL DOCUMENTS Does your client have the legal documents that she will need: Who will make essential medical
More informationEstate and Gift Tax Planning Opportunities for 2009
01.13.09 Estate and Gift Tax Planning Opportunities for 2009 Although financial markets are as confused, depressed and frozen as they have been in the lifetimes of most living Americans, clients should
More informationtax strategist the A simple plan Installment sale offers alternative to complex estate planning strategies Balance competing
the May/June 2008 tax strategist A simple plan Installment sale offers alternative to complex estate planning strategies Balance competing goals with a QTIP trust Take care when choosing IRA beneficiaries
More informationDATE COMPLETED: NAME OF STAFF PERSON: LOCATION OF INTERVIEW: CLIENT: Cell Telephone: ( ) - Name Address Telephone # Date of Birth
ROSE & ZUCKER, LLC ATTORNEYS AT LAW 613 Broadway, P.O. Box 95, Bayonne, New Jersey 07002 TELEPHONE: (201) 436-6161 FAX: (201) 436-3355 E-MAIL: RoseZuckerLaw@Comcast.Net DATE COMPLETED: NAME OF STAFF PERSON:
More informationNewsletter PERSONAL. November 2018 Issue 46
IN THIS ISSUE The Principal Residence Exemption Life Insurance Low-Tax Bracket Family Members Testamentary Trusts RRSPs and RRIFs Shares and Partnership Interests Donations Spouse and Common-Law Partner
More informationA GUIDE TO INHERITANCE TAX PLANNING
A GUIDE TO INHERITANCE TAX PLANNING 02 A guide to Inheritance Tax planning CONTENTS Page What is Inheritance Tax (IHT)?...3 What happens if the nil rate band isn t used...3 Included in your estate...4
More informationCHAPTER 8 Trusts DISCUSSION QUESTIONS
CHAPTER 8 Trusts DISCUSSION QUESTIONS 1. Why are trusts used in estate planning? Trusts are used in estate planning to provide for the management of assets and flexibility in the operation of the estate
More informationYour Survivor Benefits
Your Survivor Benefits The Defined Benefit Program may provide benefits to your survivors whether your death occurs before or after retirement. There are two types of coverage: Coverage A (family allowance)
More informationEstate Planning What Do We Need to Know Now? Stacy Hambelton Agriculture Business Specialist Gainesville, MO
Estate Planning What Do We Need to Know Now? Stacy Hambelton Agriculture Business Specialist Gainesville, MO Retirement and Estate Planning Issues Men (farmers in particular) don t plan for their retirement
More informationThe Importance of Family Discussions About Mortality and Estate Planning
The Importance of Family Discussions About Mortality and Estate Planning Each family has to determine the degree to which openness about estate plans and associated mortality considerations fits its own
More informationCHILDREN EXEMPTIONS, CREDITS AND INCOME SHIFTING TECHNIQUES
CHILDREN EXEMPTIONS, CREDITS AND INCOME SHIFTING TECHNIQUES 2 STARTING A BUSINESS 3 CHILDREN: Exemptions, Credits And Income Shifting Techniques Children invariably mean you will need to incur additional,
More informationCredit shelter trusts and portability
Credit shelter trusts and portability Comparing strategies to help manage estate taxes Married couples have two strategies to choose from to help protect their families from estate taxes. Choosing the
More informationProvided by Beck Estate Planning & Elder Law, LLC. Medicaid Benefits
Provided by Beck Estate Planning & Elder Law, LLC Medicaid Benefits Both the federal and state governments fund Medicaid the medical services assistance program for low-income individuals. In Missouri,
More informationTHE REVOCABLE OR LIVING TRUST APPROACH
THE REVOCABLE OR LIVING TRUST APPROACH In working with innumerable clients over the years we have reviewed all types of estate planning documents. From simple Wills that were done just after a couple married,
More informationYour Survivor Benefits
Your Survivor Benefits The Defined Benefit Program may provide benefits to your survivors whether your death occurs before or after retirement. There are two types of coverage: Coverage A (family allowance)
More informationWorkplace Education Series
Preserving Your Savings for Future Generations (Estate Planning) Kelly Quinlan Regional Vice President, Estate Planning March 1, 2018 So, you would like to leave behind a legacy Your questions at this
More informationAdvanced Wealth Transfer Strategies
Family Limited Partnerships (FLPS) Advanced Wealth Transfer Strategies The American Taxpayer Relief Act of 2012 established a permanent gift and estate tax exemption of $5 million, which is adjusted annually
More informationTypes of Trusts- The Ultimate Guide
Types of Trusts- The Ultimate Guide A/B Trusts Asset Protection Trusts By-Pass Trusts Credit Shelter Trusts Charitable Trusts Charitable Split-Interest Trusts Charitable Lead Trusts Charitable Remainder
More informationWHAT IS A REVOCABLE LIVING TRUST AGREEMENT?
WHAT IS A REVOCABLE LIVING TRUST AGREEMENT? When you have a will drawn up, you are actually creating what is called a testamentary trust. Unfortunately, when a person passes away, their will must go through
More information